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EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $21,008.
EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $21,008. (Assume a perpetual inventory system.) Jan. 17 Paid for the January 8 purchase Apr. 1 Received $51,200 from National Bank after signing a 12-month, 13.0 percent, prorissory note June 3 Purchased merchandise on account at a cost of $25,888 July 5 Poid for the June 3 purchase July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months rent in advance, amounting to $10,200. (Use an account called Deferred Revenue. Dec. 20 Collected $248 cash on account from a customer Dec. 31 Determined that wages of S9,300 were earned but not yet paid on December 31 (Ignore payroll taxes) Dec. 31 Adjusted the accounts at year-end, relating to interest Dec. 31 Adjusted the accounts at year-end, relating to rent Required 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.) Complete this question by entering your answers in the tabs below Required 1Required 2 For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calculations. Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in transaction order provided in the problem statement.) lities Equity Jan. 8 Jan. 17 Apr. 1 June 3 July 5 July 31 Dec. 20 Dec. 31 Dec. 31 Dec. 31
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